News & Media 8th Jul 2022

Will vs Gift Deed

Authors

Heena Chheda Partner | Mumbai

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Estate planning is essential to minimize any issues that may arise at a future date with regards to both, immovable and movable property. One needs to make an informed decision while debating what’s the best way to pass on your assets to your loved ones Will or gift deed?

Against this backdrop, Heena Chheda, Partner at Economic Laws Practice (ELP) had a conversation with The Times Of India. Heena elaborated on the advantages associated with executing a will. She says, “(a) The beneficiary under a Will is not liable to pay any income tax in respect of the asset bequeathed upon him/her; (b) As a Will is neither required to be stamped nor is it required to be registered, the assets get passed on to the intended beneficiary with minimum cost.”

Read the detailed comment here